*January Market Update*

In December the Federal Reserve announced that they were raising their short term rates for the first time in 2016 by a quarter percentage point between 0.50% and 0.75%. This was only the second time in more than a decade. Although they projected rates would raise more quickly in 2017 that did not happen after their first policy meeting February 1st. The Feds reaffirmed in their meeting that they would hold firm on interest rates for now although projecting increases would come later in the year.

Please take time to review the latest housing market trends for our South Bay Cities below. Sales in Palos Verdes, Manhattan Beach and Hermosa Beach continue to rise while Redondo Beach shows a dip in sales.